Elliott Wave Trading Discussion - Page 833 - DailyFX Forex Forum

apipintime · #**12481** (**permalink**) 06-08-2009, 09:44 PM

Quote:

Originally Posted by justy10125

I think the short-term price action counts best as a five-wave rally. The area in the green box on the first chart is a flat correction, and the second chart shows a close-up of that flat.

Agreed. I will be looking to see how price reacts in the 0978 - 1037 area, as I will be sniffing around for a good long entry.

Zero Gravity · #**12482** (**permalink**) 06-08-2009, 09:46 PM

Quote:

Originally Posted by Zero Gravity

After being short on this pair for almost 2 months, I'm turing bullish in anticipation of a triangle. If 1.07 holds, we should see 1.15 in about 90 days.

A couple of years ago, you could get some serious roll over pips....so much for the carry trade!

trader144 · #**12483** (**permalink**) 06-08-2009, 10:15 PM

Quote:

Originally Posted by justy10125

Hi T144,

I use an indicator based entry system for my trades. I like to have an entry system that is completely separate from my Elliott Wave analysis. While you could certainly enter a blind order or just get in when you think a pattern is complete, but I've found that I have better results from using an entry system that has nothing to do with EW. Based on my trading plan, once I find a wave count(s) that I like I have to wait for an indicator based entry signal that confirms my wave-count.

It's all too easy to enter a trade because you think an EW pattern is complete, only to have that pattern extend and move against your entry point. By having a separate entry system that will confirm your wave-count, you increase your odds of success because you will enter a trade when the market is actually telling you there is a trade there, rather than just blindly guessing when a pattern might or might not be complete.

Essentially, what I try to do with my EW analysis/trading is to find ways to add structure to a theory that is very vague. An indicator based entry signal is something that is mechanical that lets me know that either there is a trade or there isn't. It's one less thing I have to guess on.

Thanks for the insight, Justy.

And yes, I completely agree about having something mechanical. I don't like blind entries and I usually do not like to invoke an order because of one, but sometimes I will depending on what my level of confidence is and my risk. But mostly, it's price action around the desired area of entry. I might drill down to a 15 minute to see if I spot an interesting bar/candle formation. Unfortunately, I'm asleep during the London session so I miss a lot of moves that get going early, which is sometimes where the blind entries at specific points come in.

caljdil · #**12484** (**permalink**) 06-08-2009, 11:16 PM

Quote:

Originally Posted by cmellon

This time frame that the guy is talking is about at the link below is what I am expecting too with regards to stock market and non US dollar currencies.
Video - CNBC.com

I agree with cmellon. I believe we have just reached the top of our A wave. We have encountered resistance in retracing 38.2% of 1. The down is aroung break even for the year (psychological resistance). We are nearing the fourth wave of one lesser degree.

If price is rejected at this level it would then form the B wave of 2. This could potentially set up a head and shoulders pattern that would give us a zig zag formation of wave 2 which is what we typically see.

Candlestick pattern wise on the daily i believe we now have a potential reversal candle with the open and close 1 point away from each other.

I believe it is a great short now for the next few weeks. Since March we have seen an almost uninterrupted bull market. I believe approaching this confluence of resistance we will start to see some profit taking.

4cfx · #**12485** (**permalink**) 06-09-2009, 01:59 AM

Morning everyone. Here's my cable hourly chart update. Love to you what you have to say.

elliott-wave-trading-discussion-cable-hourly-09062009.jpg

brad_1199 · #**12486** (**permalink**) 06-09-2009, 02:55 AM

I believe EURAUD is now primed for long positions.... My eventual target for this trade will be new multi year highs above 2.1100 ---//--- The roll on this pair is a bit expensive so I have entered several positions with targets along the way to cover the holding costs...

fxctrader · #**12487** (**permalink**) 06-09-2009, 04:08 AM

USDCAD
------------------------------------------------------------------------

Here's a short-term view of the Loonie ...........

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fxctrader · #**12488** (**permalink**) 06-09-2009, 04:21 AM

Quote:

Originally Posted by fxctrader

USDCAD
------------------------------------------------------------------------

Here's a short-term view of the Loonie ...........

------------------------------------------------------------------------

------------------------------------------------------------------------

blown-up view of (C) leg ..............

------------------------------------------------------------------------

Jayrad · #**12489** (**permalink**) 06-09-2009, 04:26 AM

Here is what I think is going on with Cable (2 Hour Chart).

Jayrad · #**12490** (**permalink**) 06-09-2009, 04:32 AM

Quote:

Originally Posted by 4cfx

Morning everyone. Here's my cable hourly chart update. Love to you what you have to say.

Attachment 31152

There is no clear 5 waves down in wave A, the most obvious breakdown into five waves for that run, leaves wave 3 being the shortest so it is not possible.

ravno · #**12491** (**permalink**) 06-09-2009, 04:36 AM

Hi !

I was out for the last two weeks and when i came back i was a bit suprised to see the sentiment changes visible here, on forum.
Before i left, there was a strong Yen bullish tone, which seems to be completely gone as of right now. Intresting sign...

Anyway, i was concentrated on EUR.USD bearish trade, which though went initially a bit higher as expected, yet finally gave the needed movements.

So, i'd like to put here that initial call and the updated bigger picture in order not to loose the forest behind the trees..
The trade was and still positioned as the mid to long term trade...

justy10125 · #**12492** (**permalink**) 06-09-2009, 04:38 AM

Here is an update to the USD/CAD chart I posted yesterday. Price should be completing a W-X-Y correction probably today or tomorrow.

The other day we were talking about the different types of complex corrections and their purposes. This chart is showing a good example of one of those. After a five-wave rally, price traced out a zig/zag retracement (from ~1.13 down to 1.1150), but was in no way adequate enough in terms of a price retracement. You can see on the first chart, that the A-B-C had only begun to retrace an extended fifth wave. So in this instance a multiple zig/zag correction is necessary to get the required price retracement in order to fully correct this five-wave advance.

ForexTrade · #**12493** (**permalink**) 06-09-2009, 04:38 AM

Quote:

Originally Posted by marketwavez2

Gbp/Usd

Chart Update :

================== =============
Only a probability......... Not Cast in Stone !

Hey Market

Good morning, could you give us a update on your thoughts now on cable.

ta

FXT

Edit on a 5 min chart clear five up with a ABC likely in just in the past 15 mins, looks good for longs

justy10125 · #**12494** (**permalink**) 06-09-2009, 04:49 AM

Here is a close-up of that W-X-Y correction in USD/CAD. We can see that price has traced out a 5-3-5 zig/zag, followed by an (X)-wave in the form of a flat. Now price is in the process of tracing out the second 5-3-5 zig/zag to complete wave (Y) of the double-zig/zag correction.

ForexTrade · #**12495** (**permalink**) 06-09-2009, 04:52 AM

Quote:

Originally Posted by Jayrad

Here is what I think is going on with Cable (2 Hour Chart).

Attachment 31156

that whole correction from the top that you have labeled 5 down looks like 3 down to me!!

Anyone else have a view.